Lubricants for Wind Turbine Market – Projected to Gain Significant Value by 2024
The use of wind energy as one of the major alternative energy sources to address global warming and resource conservation concerns has led to the rapid adoption of wind turbines. Considerable support from the government has increased the adoption of these wind turbines in the last decade. This has further boosted the demand for lubricants for wind turbine market. The lubricants for wind turbine market is expected to expand significantly owing to its austere performance requirements and high penetration rate of synthetic lubricants.
Lack of proper lubrication can cause vibration, contamination & moisture, and high mechanical loads, hampering the life of the engine. Several bearings and drives require lubrication irrespective of its design. Lubrication protects the machine and extends the life of its critical parts. It also extends service interval, simplifies service tasks, and protects the engine from atmospheric conditions. Development in the wind energy sector, drain interval extensions, and the high rate of direct drive machines are anticipated to drive the demand for lubricants for wind turbine market over the forecast period.
Rise in demand for wind energy as a source of electricity owing to its environmentally-friendly nature can augment the wind energy sector. Electricity generated from wind energy is void of fossil fuel; therefore, it does not contribute to carbon emissions. Moreover, governments of various countries are promoting the wind energy industry. This is estimated to propel the installation of wind turbines around the globe. This, in turn, is likely to drive the lubricants for wind turbine market.
Usage of biodegradable oils acts as a restraint for the lubricants for wind turbine market. Servicing of a wind turbine in offshore conditions is difficult. Biodegradable oils tend to breakdown and release acids that attack the bearings and other copper parts of wind turbines.
The lubricants for wind turbine market can be segmented based on lubricant type, major turbine component, oil replacement cycle, application, and region. Based on lubricant type, the market is further segmented into gear oils, greases, and hydraulic fluids. In terms of major turbine component, the market can be classified into gear box, generator, and others. In terms of oil replacement cycle, the lubricants for wind turbine market can be bifurcated into 6-12 months and 12 months & above. In terms of application, the market can be divided into onshore and offshore.
Geographically, the lubricants for wind turbine market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific is expected to dominate the global market during the forecast period. This growth can be attributed to initiatives taken by governments to encourage renewable power generation in the region. Favorable regulatory norms in North America and Europe are projected to create opportunities for the lubricants for wind turbine market in these regions. The wind turbine lubricant market in Middle East & Africa and Latin America is expected to expand significantly in the near future owing to the rise in investments to explore the potential of offshore wind energy sector.
Key players operating in the lubricants for wind turbine market include Amsoil, Castrol, Shell, Exxon Mobil, Evonik Industries, PETRONAS, Petro China, OKS Spezialschmierstoffe GmbH, Suzlon, Klüber Lubrication, and CNOOC.